XME — State Street SPDR S&P Metals & Mining ETF

XME Price Performance — Growth of $10,000

Value of a $10,000 investment in XME over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

XME Drawdown

The "underwater" chart: XME's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

The State Street SPDR S&P Metals & Mining ETF (XME) is a materials sector fund issued by State Street Investment Management with $4.09 billion in assets. It holds a D grade and ranks 11th out of 15 peers in its category, placing it in the lower tier of similar funds. The fund’s 0.35% expense ratio is notably lower than the category median of 0.52%, though its 0.36% dividend yield trails the median of 1.43%. Concentration is moderate, with the top 10 holdings comprising 48.4% of assets, while the largest single position accounts for 8.3%.

Price action shows the fund trading at 21.5% of its 52-week range, reflecting recent weakness against its historical highs. Short-term returns are negative across the one-day, one-week, and one-month horizons, with the one-month decline reaching -10.74%. This recent drag contrasts with a strong three-year return of +96.37%, highlighting a divergence between long-term growth and current momentum. The fund’s rating was downgraded from C to D on 2026-10-14, coinciding with its underperformance relative to the category median one-year return of +10.74%. Historical data is limited to 3.0 years, which constrains the depth of the performance record.

The fund exhibits Very High volatility at 37.15% annualized, amplified by a beta of 1.62 that indicates significant sensitivity to market movements. This elevated risk profile is underscored by a maximum drawdown of -30.47% and a negative Sharpe ratio of -0.15, suggesting poor risk-adjusted returns. Despite the high volatility, liquidity remains adequate with an average daily volume of 1,794,387 shares. The combination of high beta and negative risk-adjusted metrics characterizes a fund that has experienced substantial price swings without consistent compensation for that risk.

AI-generated summary based on the data on this page.

XME Top Holdings

Holdings as of 2026-06-30 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 48.4% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how XME's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.

Which Funds Overlap With XME

Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with XME's top 10 — URA overlaps most, holding 2 of the same companies as XME's top 10 (9.4% of XME's assets).

Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.

Market Backdrop

10-Year Treasury Yield: 4.96% (as of 2026-10-22) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 19.03 (as of 2026-10-22) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.75% (as of 2026-09-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

XME Liquidity, Domicile & Tax Treatment

Liquidity: Average daily volume is 1.8M/day. Higher volume and a larger fund generally mean lower round-trip trading costs. AUM of $4.09B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: XME is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

XME Performance History

How XME Compares to Other Materials ETFs